Bitcoin Shop Makes Additional Investment in Mining of Bitcoin
Bitcoin Shop, Inc. (OTCQB: BTCS) ("Bitcoin Shop" or the "Company"), operator of the digital currency ecommerce marketplace www.btcs.com, which is undertaking the build-out of a universal digital currency ecosystem, today announced that, based on the previously released positive results of its initial mining efforts, the Company has purchased additional mining hardware through its partnership with Hashmaster Tech, LLC ("Hashmaster").
As previously announced, Bitcoin Shop's approximate $42,000 purchase of mining hardware produced 2.62 bitcoins (net of all fees) valued at approximately $1,000 (based on an exchange rate of $382 per bitcoin). This was based on one week of operation and 60% operational usage of its purchased mining hardware. Bitcoin Shop ordered 189 bitcoins (approximately $72,000) worth of additional mining hardware, which, once online, will almost triple its mining capacity. The Company anticipates that its newly purchased mining equipment will ship at the end of November and be mining shortly thereafter.
Charles Allen, Chief Executive Officer of Bitcoin Shop, commented,
"We've indicated our plans to move rapidly into this business segment and today we made more progress towards that goal. Across the digital currency ecosystem we believe that mining can be successful and profitable with the right knowledge and infrastructure in place. We believe we can continue to drive revenue and shareholder value through growth in this segment which complements our core strategy."
About Bitcoin Shop, Inc.
Bitcoin Shop, Inc. plans to build a universal digital currency platform with the goal of enabling users to engage in the digital currency ecosystem through one point of access. We currently operate our legacy ecommerce website (www.bitcoinshop.us) and are operating our beta site (www.btcs.com) where consumers can purchase products using digital currency such as bitcoin, litecoin and dogecoin, by searching through a selection of over 2 million items.
We provide our customers competitive pricing options from over 85 retailers through our "Intelligent Shopping Engine". All ecommerce customer orders are fulfilled by third party vendors. We plan to use our ecommerce platform as a customer on-ramp for a broader digital currency platform.
We have been actively partnering with strategic digital currency companies who have technologies, services or products that are complementary to our business strategy by making investments in them and integrating with them.
Digital currencies use peer-to-peer networks to facilitate instant payments. They are categorized as cryptocurrencies, as they use cryptography as a security measure. Digital currency issuances and transactions are carried out collectively by the network, with no central authority, and allow users to make verified transfers.
Forward Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.